This research by Whydo is supported by our readers. We may earn a commission when you purchase through our links. Learn more
Why do people start their own business
Around the world, big corporations are failing and people are being left without jobs. Since new jobs are hard to find in the current economy, a lot of people are turning to starting their own business instead. Here are a few key reasons that prompt people to start their own businesses.
1. it’s a job for life
A business that you own is a job for life. No one can fire you, you aren’t answerable to anyone else and you are your own boss. If you don’t do a good job, your profits dip but no one can fire you.
2. You can pass it down generations
If your brand is big enough, you can pass down your business to your kids. If you have a job with a firm, your position cannot be passed down to your successors.
3. It can supplement an existing household income
A business could be a wonderful way to supplement an existing household income. You can create a business in your kitchen and work on it over your spare time. It would help you boost your current financial situation.
4. It helps people pursue a passion
A business is the most surefire way to pursue a personal hobby or passion. If you love baking cakes, a bakery would be a better outlet for your passion and your kids won’t be forced to eat cakes for breakfast, lunch and dinner.
5. It guarantees a certain level of independence
With a personal business, you can work on your own schedule. If you are not a morning person, you can show up at noon and no one would yell at you. You’d also be able to implement your own ideas at your own risk.
7. It turns people into job creators
With a business, you can provide employment to others.
6. It helps people create true wealth
With a business, your profits are your own. Apart from the taxes you need to pay on it, the pure profits you earn on your business are yours to do whatever with.